• TMUS partner Customers Bancorp claimed T‑MobileMONEY, the digital banking service launched by the NatCo in mid‑2019, was off to a good start.

T-Mobile MONEY shows positive early results

T-Mobile MONEY shows positive early results

Source: NeONBRAND / Unsplash

T‑Mobile US (TMUS) partner Customers Bancorp claimed T‑MobileMONEY, the digital banking service launched by the NatCo in mid‑2019, was off to a good start (Deutsche Telekomwatch, #78 and #83). The US financial services group Customers Bancorp, whose BankMobile digital division supports T‑MobileMONEY, said in its results presentation, for the quarter to 30 September 2019, that BankMobile had reached profitability for the first time. It noted that the white‑label partnership with TMUS had generated “nearly $70m [€63m] of very low‑cost deposits”, but did not provide other data. There are questions over how TMUS’s partnership with Customers Bancorp will evolve in future. The banking group recently said it expects to retain BankMobile for the next two‑to-three years, having suspended plans to spin off the division to Flagship Community Bank in October 2018.